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Reportable Segments
 3 Months Ended
Mar. 31, 2018
Segment Reporting [Abstract]  
Reportable Segments
Reportable Segments
We have identified two reportable segments which are: (i) Property Operations and (ii) Home Sales and Rentals Operations. The Property Operations segment owns and operates land lease Properties and the Home Sales and Rentals Operations segment purchases, sells and leases homes at the Properties. The distribution of the Properties throughout the United States reflects our belief that geographic diversification helps insulate the portfolio from regional economic influences.
All revenues are from external customers and there is no customer who contributed 10% or more of our total revenues during the quarters ended March 31, 2018 or 2017.
The following tables summarize our segment financial information for the quarters ended March 31, 2018 and 2017 (amounts in thousands):
Quarter Ended March 31, 2018
 
Property
Operations
 
Home Sales
and Rentals
Operations
 
Consolidated
Operations revenues
$
231,016

 
$
12,119

 
$
243,135

Operations expenses
(105,512
)
 
(11,073
)
 
(116,585
)
Income from segment operations
125,504

 
1,046

 
126,550

Interest income
808

 
907

 
1,715

Depreciation on real estate assets and rental homes
(28,822
)
 
(2,500
)
 
(31,322
)
Amortization of in-place leases
(1,052
)
 
—

 
(1,052
)
Income (loss) from operations
$
96,438

 
$
(547
)
 
$
95,891

Reconciliation to consolidated net income:
 
 
 
 
 
Corporate interest income
 
 
 
 
235

Income from other investments, net
 
 
 
 
940

General and administrative
 
 
 
 
(8,038
)
Other expenses
 
 
 
 
(343
)
Interest and related amortization
 
 
 
 
(25,703
)
Equity in income of unconsolidated joint ventures
 
 
 
 
1,195

Consolidated net income
 
 
 
 
$
64,177

 
 
 
 
 
 
Total assets
$
3,547,466

 
$
142,617

 
$
3,690,083

Capital improvements
$
21,267

 
$
10,049

 
$
31,316


Quarter Ended March 31, 2017
 
Property
Operations
 
Home Sales
and Rentals
Operations
 
Consolidated
Operations revenues
$
218,988

 
$
10,874

 
$
229,862

Operations expenses
(97,257
)
 
(9,595
)
 
(106,852
)
Income from segment operations
121,731

 
1,279

 
123,010

Interest income
729

 
1,038

 
1,767

Depreciation on real estate assets and rental homes
(27,410
)
 
(2,699
)
 
(30,109
)
Amortization of in-place leases
(1,032
)
 
—

 
(1,032
)
Income (loss) from operations
$
94,018

 
$
(382
)
 
$
93,636

Reconciliation to Consolidated net income:
 
 
 
 
 
Corporate interest income
 
 
 
 
3

Income from other investments, net
 
 
 
 
757

General and administrative
 
 
 
 
(7,373
)
Other expenses
 
 
 
 
(219
)
Interest and related amortization
 
 
 
 
(24,879
)
Equity in income of unconsolidated joint ventures
 
 
 
 
1,150

Consolidated net income
 
 
 
 
$
63,075

 
 
 
 
 
 
Total assets
$
3,247,523

 
$
223,518

 
$
3,471,041

Capital improvements
$
13,198

 
$
11,156

 
$
24,354



The following table summarizes our financial information for the Property Operations segment for the quarters ended March 31, 2018 and 2017 (amounts in thousands):    
 
Quarters Ended
 
March 31,
2018
 
March 31,
2017
Revenues:
 
 
 
Community base rental income
$
126,739

 
$
120,692

Resort base rental income
64,254

 
61,068

Right-to-use annual payments
11,519

 
11,252

Right-to-use contracts current period, gross
3,162

 
3,206

Right-to-use contract upfront payments, deferred, net
(1,285
)
 
(775
)
Utility and other income
25,521

 
22,126

Ancillary services revenues, net
1,106

 
1,419

Total property operations revenues
231,016

 
218,988

Expenses:
 
 
 
Property operating and maintenance
74,908

 
68,054

Real estate taxes
14,135

 
14,037

Sales and marketing, gross
2,812

 
2,690

Right-to-use contract commissions, deferred, net
(24
)
 
(84
)
Property management
13,681

 
12,560

Total property operations expenses
105,512

 
97,257

Income from property operations segment
$
125,504

 
$
121,731









The following table summarizes our financial information for the Home Sales and Rentals Operations segment for the quarters ended March 31, 2018 and 2017 (amounts in thousands):
 
Quarters Ended
 
March 31,
2018
 
March 31,
2017
Revenues:
 
 
 
Gross revenue from home sales
$
8,309

 
$
7,027

Brokered resale revenues, net
282

 
242

Rental home income (a)
3,515

 
3,605

Ancillary services revenues, net
13

 
—

Total revenues
12,119

 
10,874

Expenses:
 
 
 
Cost of home sales
8,574

 
7,119

Home selling expenses
1,075

 
925

Rental home operating and maintenance
1,424

 
1,551

Total expenses
11,073

 
9,595

Income from home sales and rentals operations segment
$
1,046

 
$
1,279

______________________
(a)
Segment information does not include Site rental income included in Community base rental income.